Whether you are starting up new, getting ready to retire, or even after a divorce or bankruptcy, there are five legal documents that every one in Arizona needs.
If you simply want to organize your life, belongings and assets distribution, there are five important documents in Arizona that will offer to you and your loved ones peace of mind and personal protection.
I call this the “My Life Package” and it includes the following documents:
- Last Will and Testament
- Revocable Living Trust
- Durable Power of Attorney
- Health Care Directive
- Living Will
1. Last Will and Testament
In a will, you state who you want to inherit your property and name a guardian to care for your young children should something happen to you and the other parent. Will is is a document that states your final wishes. It is read by a county court after your death, and the court makes sure that your final wishes are carried out.
2. Revocable Living Trust
If you hold your property in a living trust, your survivors won’t have to go through probate court, a time-consuming and expensive process. This is the type of agreement provides flexibility and income to the living grantor. He/she or a couple is able to adjust the provisions of the trust and earn income, all the while knowing that the estate will be transferred upon death.
3. Health Care Directives.
Writing out your wishes for health care can protect you if you become unable to make medical decisions for yourself. Health care directives include a health care declaration (“living will”) and a power of attorney for health care, which gives someone you choose the power to make decisions if you can’t. (In some states, these documents are combined into one, called an advance health care directive.
4. Financial Power of Attorney.
With a durable power of attorney for finances,you can give a trusted person authority to handle your finances and property if you become incapacitated and unable to handle your own affairs. The person you name to handle your finances is called your agent or attorney-in-fact (but doesn’t have to be an attorney).
5. Living Will (adjucent to to your health care directive, or as a separate document).
An advance healthcare directive, also known as living will, personal directive, advance directive, medical directive or advance decision, is a legal document in which a person specifies what actions should be taken for their health if they are no longer able to make decisions for themselves because of illness.
I have been preparing legal documents in Anthem Arizona since 2009. I have hundreds of clients that have come to me and helped them to complete this package for them. They always appreciate the plain language of the documents so that they can actually be understood.
If you have any questions, feel free to call me: 602-769-1585